Take Action Early
We understand that financial challenges can arise, and we’re here to help. You may be eligible for mortgage assistance. If you’re having trouble making mortgage payments, take the below steps as soon as possible. Acting quickly gives us the best chance to help you avoid future credit damage or foreclosure.
To get started:
· Log in to your online account (or register an account with us)
· Navigate to the Mortgage Assistance page and click Get Started under Mortgage Assistance.
· Follow step-by-step instructions provided to complete your application.
The loss mitigation process begins once your application is submitted.
Reach Out to Us for Additional Support
If you need more help, our customer care team can answer questions and guide you through the loss mitigation process.
To help us understand your situation, please have the following on hand:
- Your loan number
- Recent income documentation (pay stubs, unemployment benefits, Social Security, disability, public assistance, retirement income or tax returns if self-employed)
- A breakdown of your monthly household expenses
- A brief explanation of what led to your current financial hardship
Understanding Our Loss Mitigation Process
Loss mitigation is our way of reviewing your financial picture and identifying the best plan to help you recover. The process includes:
- Initial Review: We will learn about your financial situation and identify potential alternative payment programs based on your situation.
- Document Review: If you qualify for assistance, we’ll request additional documents to complete your evaluation.
- Evaluation Notice: Once the review is complete, we’ll send you a notice outlining which payment plans you’re eligible for and how to proceed.
Payment Options That May Be Available
Depending on your financial situation, you may qualify for one or more of the following:
· Repayment Plan: Catch up on missed payments by spreading them out over time, added to your regular monthly payment.
- Loan Modification: Adjust your loan terms—such as interest rate, payment amount, or duration—to make your mortgage more manageable.
- Forbearance: Temporarily reduce or pause payments during a period of financial hardship.
- Short Sale: Sell your home for less than what’s owed to avoid foreclosure and potentially reduce your debt.
- Deed-in-Lieu of Foreclosure: Transfer ownership of your home to Shellpoint to satisfy your loan and avoid foreclosure proceedings.
Each option is designed to minimize credit damage and, when possible, help you stay in your home. Some may also offer relocation assistance.
|
Program benefit |
Alternative payment program |
||||
|
Repayment |
Forbearance |
Loan modification |
Short |
Deed-in- |
|
|
Alters your loan terms; lowers your mortgage payment |
|
|
✔ |
|
|
|
Helps you catch up on past-due payments |
✔ |
✔ |
✔ |
|
|
|
Temporary hardship assistance; reduces or suspends your payments |
|
✔ |
|
|
|
|
Lets you stay in your home |
✔ |
✔ |
✔ |
|
|
|
May give you a cash payment if you leave your property |
|
|
|
✔ |
✔ |
|
Leave the property without going through foreclosure |
|
|
|
✔ |
✔ |
|
Less damaging for your credit rating than foreclosure |
✔ |
✔ |
✔ |
✔ |
✔ |
Let’s Find a Way Forward
We understand how stressful financial uncertainty can be. That’s why our team is committed to helping you explore safe, legitimate options to get back on track. Call our loss mitigation team at 866-317-2347 Monday through Friday from 8 a.m. to 9 p.m. (EST). Together, we’ll find a solution that works for you.